Nys Life, Accident, And Health Insurance Exam Questions (171 Terms) With Verified Definitions Updated 2024

Which statement correctly defines a broker? A. Any person, firm, association, or corporation who solicits, negotiates, or obtains insurance on behalf of the insured in exchange for a commission B. Any person, firm, association, or corporation who solicits, negotiates, or obtains insurance on behalf of the insurer in exchange for a commission C. Any person, firm, association, or corporation who solicits, negotiates, or obtains insurance on behalf of the insured and the insurer in exchange for a commissions D. Any person, firm, association, or corporation who negotiates with other insurers strictly on behalf of the broker's interests for a specific contractual payout for commissions {Ans: Answer: A. Any person, firm, association, or corporation who solicits, negotiates, or obtains insurance on behalf of the insured in exchange for a commission A broker represents the insured, not the insurer, nor the broker, himself.}Ronaldo has decided that he can no longer afford his whole life insurance policy. Which "Non-Forfeiture" option could he exercise, however, that would allows him to retain a lowered death benefit, would not require him to make any other premium payments, and still maintain a policy to age 100? A. Reduce premium option B. Extended term C. Reduced paid